GLOBAL EARTHQUAKE INSURANCE MARKET

INTRODUCTION

Property insurance that pays the policyholder in the case of property damage from an earthquake is known as earthquake insurance. Earthquake damage is typically not covered by standard homeowner insurance plans. The majority of earthquake insurance policies have high deductibles, making them handy if the entire house is destroyed but useless if it is just slightly damaged.

Location and the likelihood of a loss due to an earthquake affect rates. Homes made of wood, which survive earthquakes better than ones made of masonry, may have lower rates. A mass inventory data set was used in the past to estimate earthquake loss, which was primarily reliant on expert views.

It is calculated using a Damage Ratio, which compares the financial cost of earthquake damage to the overall market worth of a building. HAZUS, a computerised loss estimation procedure, is another technique. When assigning this type of insurance, insurance companies must exercise caution, just as they do with flood insurance, insurance on damage from a hurricane, and other major catastrophes.

This is because an earthquake powerful enough to destroy one home will likely also destroy dozens of homes nearby. A major earthquake will soon deplete all of a company's resources if it has written insurance policies on several residences in a given city. In order to prevent these situations, insurance companies invest a lot of time and energy on risk management.

GLOBAL EARTHQUAKE INSURANCE MARKET SIZE AND FORECAST

The Global Earthquake Insurance Market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2023 to 2030.

NEW PRODUCT LAUNCH

 Lloyd's has  launched the introduction of a new parametric earthquake insurance policy that will automatically pay policyholders five days after a significant earthquake.

The device, which was created in collaboration with insurance startup Bounce, tracks Peak Ground Velocity and initiates payment at rates of 20 centimetres per second and higher by utilising cutting-edge technology and real-time GeoNet data. Shaking intensity determines whether a client is qualified for payment.

If the customer's position is susceptible to shaking with a PGV of at least 20 centimetres per second, they would be. Payments for claims are depending on the magnitude of any earthquake and are made in phases. This indicates that more of the cover is paid out in the case of a stronger earthquake.

COMPANY PROFILE

•  Lloyd's
• Allstate.
• Amica.
•  ICW Group.
•  American Family Insurance.

THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. How many Earthquake Insurance are manufactured per annum globally? Who are the sub-component suppliers in different regions?
2. Cost breakup of a Global Earthquake Insurance and key vendor selection criteria
3. Where is the Earthquake Insurance manufactured? What is the average margin per unit?
4. Market share of Global Earthquake Insurance market manufacturers and their upcoming products
5. Cost advantage for OEMs who manufacture Global Earthquake Insurance in-house
6. key predictions for next 5 years in Global Earthquake Insurance market
7. Average B-2-B Earthquake Insurance market price in all segments
8. Latest trends in Earthquake Insurance market, by every market segment
9. The market size (both volume and value) of the Earthquake Insurance market in 2023-2030 and every year in between?
10. Production breakup of Earthquake Insurance market, by suppliers and their OEM relationship